Princess Margaret Lottery Prizes: Luxury Homes to Modest Winnings
The Princess Margaret Lottery features incredible grand prizes along with smaller prizes that collectively raise millions for cancer research. Here is an overview of the most valuable lottery prizes as well as the most modest.
Million Dollar Grand Prizes
The main attraction of the lottery is the multimillion dollar grand prize homes. Past grand prizes include:
- 2022 Spring Home: $6.5 million Forest Hill mansion
- 2021 Fall Home: $3.1 million Bridle Path estate
- 2020 Summer Cottage: $2.8 million Muskoka lakefront property
These luxurious properties represent the most extravagant prizes awarded in the lottery’s history. Winners can live in the homes or sell them to claim equivalent cash.
Top Cash and Car Prizes
While the houses get attention, the lottery also awards substantial cash and car prizes:
- 2023 Summer $250,000 Cash Calendar Grand Prize
- 2022 Fall $100,000 Early Bird Prize
- 2021 Mercedes-Benz SL 450 Roadster worth over $125,000
Modest Winnings Add Up
On the more affordable end, the lottery gives away prizes like:
- Daily $1,000 Cash Calendar prizes
- $100 gift cards to the LCBO
- Electronics like smart TVs and tablets
- Home appliances like fridges and vacuums
While not hugely valuable alone, these modest prizes add up to millions in donations. Even a $10,000 or $100 winner makes a difference for cancer care.
Whether a luxurious multi-million dollar property or a bottle of wine, Princess Margaret Lottery prizes entice ticket buyers while funding critical research. You never know what level of prize you might luck into!
Taxes and Claiming Prizes for Princess Margaret Lottery Winners
If you are lucky enough to win a prize in the Princess Margaret Lottery, there are a few things to know about taxes and fees and the process to claim your winnings:
Taxes on Winnings
The good news is lottery winnings are not taxable in Canada, so you do not have to pay income tax on any prizes.
However, for the grand prize homes, you may need to pay land transfer tax when taking ownership of the property. This varies by province but can be tens of thousands of dollars.
Other Costs
While taxes are not an issue, you may incur other costs like legal fees, moving expenses, property taxes, etc. It’s a good idea to budget for these extra costs when claiming major prizes.
Claiming Your Prize
To claim your prize, contact the lottery office by phone or email. You will need to provide your original winning ticket and a photo ID.
Smaller prizes may arrive by mail. Larger prizes require making arrangements for delivery or pick-up in-person.
You should claim prizes within 6 weeks if possible, and no later than 6 months after the draw date.
Winning Anonymity
You can request to remain anonymous if you win a major lottery prize. This keeps your name and city confidential when winner’s lists are published.
While taxes are not owed on winnings, make sure you budget for other costs involved so you can fully enjoy your lottery prize!